China loves the US dollar again as America roars back

Originally posted by rockymcgilicutty
reply to post by nomnom

 

Yea when I was growing up I heard that rumor all through the 70's and into the 80's.Then 60 Min's was allowed in,they showed it and tested it.Even with that people won't believe if they don't want to.

So my question is with a known amount of gold mined all time.Tell me who has the 8000 plus metric tonnes of gold?

Please note my source on the gold reserves it was not the U.S.It was The wolrd gold council.... I guess your next reply will be they are owned by the banks. So there you go there is no proof just speculation.

I suppose someone can produce evidence of the KNOWLEDGE of exactly every ounce of gold, ever mined on this planet and it's exact whereabouts at this very moment? No, I didn't think so!

Only a naive American would believe that.
Stops people bailing out of US currency to soon, and when the Chinese pull the pin on the US $, Bang, anybody with US currency falls.
China become stronger.
The writing is on the wall, the US are finished.
You guys had a good run and were great leaders of the world. Sadly no longer.
The people who used to run the country by voting in good leaders are now lead by good sales pitches by billionaires

People keep saying that "there's not enough gold in the world to go back to a gold backed currency", this is complete BS. It would just mean that $1 would be backed by only a tiny bit of gold.. perhaps 1/100000 or an once for each unit or something.

Originally posted by bigdohbeatdown

People keep saying that "there's not enough gold in the world to go back to a gold backed currency", this is complete BS. It would just mean that $1 would be backed by only a tiny bit of gold.. perhaps 1/100000 or an once for each unit or something.

So in other words, a person could hand over a dollar and receive 1/100000 an ounce of gold which is worth less than 1 cent?

What would be the point of that?

reply to post by ajay59


Taada took me 30 seconds.

GFMS, Ltd. is the above ground gold market prognosticator and claims that the total amount of gold ever mined in the world is 160,000 tons (5.1B oz). Historically, this measure rises only as gold is pulled from the ground as reported by global gold mining companies around the world. Any "mystery gold" that suddenly appears on the market in ETF's, on the LBMA, in the COMEX warehouses or in Government coffers is assumed to come from the unreported gold held by private individuals so that their historical figures never have to change.

www.numbersleuth.org...

Originally posted by ollncasino

Originally posted by bigdohbeatdown

People keep saying that "there's not enough gold in the world to go back to a gold backed currency", this is complete BS. It would just mean that $1 would be backed by only a tiny bit of gold.. perhaps 1/100000 or an once for each unit or something.

So in other words, a person could hand over a dollar and receive 1/100000 an ounce of gold which is worth less than 1 cent?

What would be the point of that?

Worth 1 cent of what?
If we're talking about backing the reserve currency of the world, this would mean it would put upward pressure on gold prices and it would be worth more than that.
The point would be, that your money is back by something physical. It doesn't matter how much that gold backed currency is worth in fiat money if you concede the fiat money is in fact worthless (its back by a debt of more of the same.. so its regressive)... 1/100000 of an ounce of gold is worth more than 1 fiat dollar in real terms as the demand for gold isn't likely to go away any time soon. If demand for US dollar continues to drop, it may be worth less than 1C..

Further, a currency could be backed by things other than gold... you can essentially make each dollar a derivatives package of a nation's mineral wealth... . if your nation has lots of coal, you can back in with coal, oil? back it with oil.. uranium? a dollar could be backed by 1/100000 of an ounce of gold + x amount of tin + x amound of uranium .. what ever.

Further, a government doesn't need to hold the physical commodity, they can leverage.... but then i guess we're almost back at a fiat currency. If its a reserve currency, nations and businesses would have large reserves of the currency, giving it further value beyond its gold price. ...demand. .. same thing as the petro dollar...


EDIT:
Also there is estimated to be aprox 8.3 trillion US dollars in existence presently... based on the above pose, there is supposedly 5.1B ounces of gold in the world..
Current spot price for gold? us $1615ish ..


1615 x 5100000000 = 8236500000000 - 8.2 trillion US dollars worth.... so there'd nearly be enough gold in the world to back the entire US currency with gold at 1/1615 of an ounce per dollar.... that is assuming the US can buy it all.. lol

reply to post by ajay59
sheesh.....everyone knows that our higher up's have been trading off the worlds gold supply to the aliens for higher technology,Aliens want the mono-atomic gold.

Another factor to point out, I read recently that the Rothschild bought a large share in China's Central Bank. Seems as if the Rothschilds are influencing China's financial decisions, because why would the Rothschild want the dollar to collapse to the Chinese currency, when their Federal Reserve's fiat currency, fractional reserve banking scam continues to yield overwhelmingly large profits... There is money and profit influencing every governmental decision, my friend, and that's the cynical truth.

China is in deep sh*t right now, and knows it.

1. The govt are unable to fund social expenditure for all its 1.3 billion citizens, despite its trillions in GDP. Break that down and it means only a miserly few hundred dollars per person per year. Heck! you can't even afford to educate anyone with that, let alone build huge infrastrctures needed to upgrade from 3rd world to 1st world status.

All that it will spend is on military, and that is frightening. What's with its build up - to rob other nations of their wealth?


2. The govt had encouraged borrowings in an effort to promote growth, but due to its political system that lacks checks and balances, it results most of those loans going into corrupt officials absconding assets overseas, and none to the country. It is heading for a massive banking bubble, worse than the financial crisis of the world combined in '08.

Only fools and Madoff type ponzi schemers would trust in the China dollar and economy. Even its govt is now buying gold and US treasuries with whatever that's left, quietly for safety.


3. It's vaunted cheap slave labour had created problems for workers around the world, as corporations fled there to take advantage of such cheapo labour. But it is not cheap anymore and had risen by an avg 4 times.

Worse is that, western tech is improving on robotics and quality, to compete with the massive cheap slave labour force of China, and had succeeded, which means the slave labour would no longer be needed soon.

The chinese labour force are largely uneducated, unproductive, produces shoddy toxic goods and uninnovative due to its political way of life whereby the tallest stalks are always cut down, discourage private enterprise, no copyright protection, etc. They will be unable to go for higher end manufacturing and producation with better wages to meet employment and beat ever rising inflation.

With its highly successful but repressive 1 child policy, I dare not imagine the day only few years down the road to the awful moment of truth - that one third will have to struggle to support 2 thirds of elderly aged population in China, and worse, most of that one third are single men, as female children are drowned for the chinese wants only male heirs.

Thus China is only heading towards a massive banking bubble, high UNEMPLOYMENT and devaluation of its dollar soon. A 'China Spring' is on the way, building up right now.

And USA, regardless if 'roaring' back or not, just need to focus on its own growth plans in a compettitive economic world, and not be complacent or distracted. It will take much hard work, sustained effort and time to see results and the return to its growth levels and above. Leave China alone, as it is only digging its own grave and looking for others to be blamed.

I just read that China does not want to be the global currency - the reason for its economic dominance is not that of being a developed country, but simply having such a large population. If China becomes the global currency, or if it becomes the world's largest trader, its government is worried that that will make people think that it is a developed country when it is not - the majority of its population live in poverty.

Originally posted by Happy1
reply to post by grey580

 

On top of this, the obozo administration is allowing the chinese to set up banks in america, and allowing them to buy large tracts of land - there was a report about how many foreclosed homes the chinese are buying up.

Invasion - aided by the communist in control in amerika.

Other countries have banks in this country. That's nothing new.
And it's a free country. Anyone can buy a house.
We call it a free market.

Originally posted by grey580

Other countries have banks in this country. That's nothing new.
And it's a free country. Anyone can buy a house.
We call it a free market.

But other countries are not China, which clearly sees the USA as a strategic rival, not as a partner to co-operate with.

The Chinese in business don't believe in a win/win. To them, business and competition is a zero sum game. Either they are benefiting 100% or the USA is.

Interesting. I remember back in 2008 hearing some economist state that after a long period of economic decline, there will be a period of time where it would look as if all was well and the economy would recover. He stated that this is actually just a mirage and that the final collapse would then take place. I cannot remember who this man was, but I remembered the main points of his lecture. Kind of frightening if true.

Originally posted by Lamos
Interesting. I remember back in 2008 hearing some economist state that after a long period of economic decline, there will be a period of time where it would look as if all was well and the economy would recover. He stated that this is actually just a mirage and that the final collapse would then take place. I cannot remember who this man was, but I remembered the main points of his lecture. Kind of frightening if true.

I'm not saying that that economist is wrong, but economists as a group don't have a very impressive track record at predicting what is going to happen.

For instance, how many economists predicted the banking crisis of 2007/2008?

Very, very few saw that coming.

reply to post by rockymcgilicutty

GFMS, Ltd. is the above ground gold market prognosticator and claims that the total amount of gold ever mined in the world is 160,000 tons (5.1B oz).

CLAIMS being the operative word in your reply. I could claim that one hundred trillion tons have thus far have been mined. Does that make it so?

The problem with "Economists" is that they never actually can plan for "Scientists"

Every economic theory in the world is dependent on things staying the same and in the end they are always wrong in the long haul

I've been talking about Shale in conspiracy forums for nearly a decade while people blustered about our doom from energy dependence

I'll say this there is NO DOOM coming economically for the USA

17 Trillion debt

Obama has asked Nasa to tow in a small asteroid and get it done

Do you know how much Platinum is on a larger sized Asteroid? roughly 17 Trillion lol....

I will here all about how it can't be done this is just early stages, unaffordable...exactly what everyone said about shale even 2 years ago

Resources get tight people get ambitious... period, Look for asteroid mining, a biotic oil the cost of healthcare to decline dramatically thanks to gene therapy and stem cells, AI systems for fiscal management, free online education to replace universities...

I'm talking about 10 years no 50

It wont take generations to fix 17 Trillion Obama is right to raise debt it wil be..a drop in the bucket... people said energy would take a century...NOPE Shale Plus now we have things like German solar plants equaling 10 Nuclear reactors... the trend will spread

Science fixes ALL

If you were in Europe prior to the discovery of thew new world "economists" and "politicians" were predicting doom then too.... Black Plauge would never be cured, cities cld never feed over 100,000 people lol, we were "out of resources"

These are the dip shizs who failed science class...always

Always something new on the Horizon.... ALWAYS that's been the rule of thumb... slavery didn't end because dummies fought a war it ended because of machines like the Cotton Gin

Every economic panic has always proven stupid... since the first jerk said they couldn't feed a village and some imaginative young person dug an irrigation ditch a week later

Someone always says we are running out of something or values it as precious.... then someone else makes Diamonds in a lab

Gold standard?

kind of funny.... panic mongers want us to BUY GOLD

Anyone but me know how close we actually are to making Gold?

Economists say.... America has no GOLD OMG we will all die....

Gold will be worth NOTHING by the time My first kid graduates College aside from idiots who value the kind dug in the dirt for jewelry for whatever moronic reason... your computer parts will be Gold made in a lab for cents... but not really because graphene like substances will rule the day and they will be made as costs come down for a few bucks a ton...

Originally posted by penninja
Gold standard?

kind of funny.... panic mongers want us to BUY GOLD

Anyone but me know how close we actually are to making Gold?

Economists say.... America has no GOLD OMG we will all die....

Gold will be worth NOTHING by the time My first kid graduates College aside from idiots who value the kind dug in the dirt for jewelry for whatever moronic reason... your computer parts will be Gold made in a lab for cents... but not really because graphene like substances will rule the day and they will be made as costs come down for a few bucks a ton...

I do suspect the functional use of gold will be short lived overall. For now, its a nice alloy, but with our breakthroughs in nanotechnology, synthetic nanofabrication, etc...no doubt in a few decades we will have many better materials than the rocks we use today.

Then gold will turn back into just jewelry and the price will bottom out. Will still be good to have I guess..it is pretty.

One constant in the world as of late is that things will always change.

Maybe... USA has been waiting for this moment to unleash its reserves of oil and other resources so that... Aww f it...who am I kidding, America has been infiltrated long ago and we are all screwed...

I just don't get it though... Who cares about wall street? Why would it effect us if all the banks in the world collapse? How does that stop a truck driver from delivering food? Or anyone from doing essential jobs like police work? We can keep things going on our own, right? It will be the lazy bastards who will suffer. Everyone who wants to live should be able to. Why can't we just tell the federal reserve to screw themselves? They ripped us off with their little scam, so we should have little to no debt. Seriously, who cares if a handful of rich bankers don't get paid back trillions of dollars? Who's gonna fight for these criminals?

I'm sure someone will be along shortly to tell me I don't understand economics... But we haven't run out of oil yet. We still have water. And land to grow food on and let cattle graze... People with ideas to invent things... People who want to work for the good of our nation... So, I don't get how an artificial structure called economy can effect us all so much... It's all BS. ALL OF IT!

Did the MSM take an article from "The Onion" serious again?
Otherwise I don't understand?

To me this says the government is expecting the market is about to take a hit and maybe they are trying to preempt it with this story.

I don't make predictions, but am saying that for fun and out of speculation, this article means something bad rather than good. Based on the simple "if it sounds to good to be true, it probably is" philosophy.